Darlington BS massively overpays annual interest

nottsphil

Darlington Building Society pays interest annually on 31st December, even for its regular monthly saver accounts. You don't need a calculator to notice that my own account, only opened in October, shows an inordinate amount of interest paid yesterday (should be less than £8). There are numerous reports of this happening over on the Regular Saver thread, but those with only term or deposit accounts may not be aware of the blunder so I invite you to check your account to ascertain whether the problem is RS-specific.

 

SnowMan

Possibly they've calculated interest to 31st December 2026 instead of 31st December 2025. Would give your interest figure to within one pence assuming they include interest for 31st December itself.

Arthur Dic* reported on the regular saver thread that 'I opened my account around the 8th August, I got exactly £93 yesterday'. That would be consistent with my guess if £250 paid in each month. 

Perhaps someone could check this theory based on their numbers.

Hattie627

The title to this thread will have the heid-yins at Darlington BS choking over their New Year's day sherry trifle. Emergency meetings will be being hastily arranged for tomorrow,

clairec666

Shhhhhhhhhhhhhhhh!

masonic

Haha, I think they might notice this one.

Theleak250

I just checked mine, which was opened in September and has had two deposits of £250, on an interest rate of 6%.

Interest paid yesterday is £37.80. What’s going to happen now? Not really a good look.

Hattie627

Theleak250 said:

I just checked mine, which was opened in September and has had two deposits of £250, on an interest rate of 6%.

Interest paid yesterday is £37.80. What’s going to happen now? Not really a good look.

The general feeling seems to be that all the 31 December interest credits will be reversed and replaced with the correct amount, which I guess they will backdate to 31 December.

Section62

Hattie627 said:

The title to this thread will have the heid-yins at Darlington BS choking over their New Year's day sherry trifle. Emergency meetings will be being hastily arranged for tomorrow,

I suspect their site will be going down for 'maintenance' first thing in the morning and not coming back online until the transactions have been reversed.

OTOH, perhaps Darlington are trying to get one-up on Nationwide by giving cash away... and just forgot to get the press release out in advance. 

happybagger

Maybe when they claim it back they can send a few quid down the road to Beverly BS so they can pay the right amounts on their Regular Saver

SnowMan

Hattie627 said:

Theleak250 said:

I just checked mine, which was opened in September and has had two deposits of £250, on an interest rate of 6%.

Interest paid yesterday is £37.80. What’s going to happen now? Not really a good look.

The general feeling seems to be that all the 31 December interest credits will be reversed and replaced with the correct amount, which I guess they will backdate to 31 December.

And the correct amount should be around £7.80.

nottsphil

Hattie627 said:

The title to this thread will have the heid-yins at Darlington BS choking over their New Year's day sherry trifle. Emergency meetings will be being hastily arranged for tomorrow,

To save any more of us Sassenachs the bother of looking up heid yins, it's a term for upper management eg "Ah cannae dae nuthin aboot that hen, ye'll huv tae talk tae the high heid yins upstairs"